The Globe and Mail reports in its Wednesday, Feb. 7, edition that RBC analyst Drew McReynolds added a "speculative risk" qualifier to his "outperform" recommendation for Enthusiast Gaming Holdings. The Globe's David Leeder writes that Mr. McReynolds added his qualifier to "reflect limited visibility around the impact of ongoing management changes against the backdrop of a still challenged operating environment and limited liquidity." He gave his share target a 50-cent trim to $1.50. Analysts on average target the shares at $1.08. Mr. McReynolds says in a note: "We attribute the meaningful underperformance in the stock to the combination of ongoing management changes, the lack of profitability and limited liquidity in a more challenged operating environment characterized by a downturn in advertising and higher interest rates. Despite what we believe is a much higher risk profile for the stock in the current environment, we continue to see a plausible path to turning EBITDA positive in 2024. ... We continue to see value in the stock providing investors with unique exposure to an attractive global gaming ecosystem." The Globe reported on May 18 that Mr. McReynolds rated Enthusiast "outperform" when it was worth $3.15.